Acorns, an app that aims to simplify personal investing, announced today that it’s raised $30 million. PayPal, Rakuten, and Greycroft participated in the round.
Acorns CEO Noah Kerner*, new to the company as of this year, called the PayPal investment “strategic,” and said the partnership “will make it possible to bring the benefits of micro-investing to more and more people around the world.”
The company declined to share what, exactly, it plans to do with the $30 million, aside from saying the cash will enable Acorns to expand. However, some sort of product tie-up involving PayPal and Acorns seems likely, given the “strategic” language.
850,000 people have opened accounts on Acorns to date, the company tells us, — up by 200,000 this year. Acorns declined to share how many of these people regularly use the service.
Acorns has publicly raised more than $60 million since 2012, including a $23 million raise in April 2015.
*Kerner worked at WeWork before Acorns, joining as I left the company.